A Finance Committee meeting of the Albuquerque Public Schools Board of Education was held on Tuesday, December 17, 2013, scheduled to begin at 7:45 a.m., in the Alice and Bruce King Educational Complex, John Milne Community Board Room, 6400 Uptown Blvd., NE.

b. Adoption of the December 17, 2013, Agenda and Approval of the November 19, 2013, Minutes

Dr. Peercy motioned for approval of the agenda and minutes with Dr. Maestas seconding the motion in the affirmative. Motion carried.

II. Consideration for Approval of Budget Adjustments for Grant Management

a. KANW, $167,900

b. Dual Credit Materials, $111,731

c. Indian Education Initiative Grant, $20,000

d. KNME Arts, $7,007

e. NM Growth Fruit/Veg, $591

Ms. Scott presented increases for the five grants, items A-E.

Mr. Garcia motioned for approval of the Budget Adjustments for Grant Management with Dr. Maestas seconding the motion in the affirmative. Motion carried.

III. Consideration for Approval of Grant Management Inter-Function Transfers for November 2013

Ms. Scott presented the monthly cross transfers for November.

Dr. Peercy motioned for approval of Grant Management Inter-Function Transfers for November 2013, with Dr. Maestas seconding the motion in the affirmative. Motion carried.

IV. Consideration for Approval of Grant Management Intra-Function Transfers for November 2013

Dr. Peercy motioned for approval of Grant Management Intra-Function Transfers for November 2013, with Dr. Maestas seconding the motion in the affirmative. Motion carried.

Mr. Brooks asked Ms. Yager to introduce staff from KNME: Franz Joachim, General Manager and Michael Kamins, Executive Producer. Ms. Yager welcomed them and let them know how very pleased the District is to have them as partners.

V. Consideration for Approval of Gifts, Grants and Donations of More than $5,000

a. $14,000 Donation from Sagebrush Community Church to Eldorado High School Fine Arts Department-row of 8 moveable LED lights, bar and controllers

Mr. Eddie Soto discussed a donation to Eldorado High School, which was completed this past summer. Stage lighting was installed in the theater by Sagebrush Community Church. Items are permanent and the District has the capacity to maintain installed items. Mr. Soto brings this this donation, which exceeds $5,000 for the Board’s approval. Mr. Moya added that the church reached out to the drama teacher as to how the lighting could be improved (church does not use this area for services). Dr. Maestas asked how the process was bypassed. Mr. Soto responded that this was an act of kindness which did not follow the process.

Dr. Peercy motioned for approval of $14,000 Donation from Sagebrush Community Church to Eldorado High School Fine Arts Department-row of 8 moveable LED lights, bar and controllers with Mr. Garcia seconding the motion in the affirmative. Motion carried.

Mr. Heckart began discussion by saying that this item probably looks familiar because it was presented in October for approval. This item was rebid due to not enough vendors responding with enough products that met federal nutritional guidelines for DECA to sell.

VII. Consideration for Approval of Cash Disbursements for November 2013

Dr. Maestas motioned for approval of Cash Disbursements for November 2013, with Mr. Garcia seconding the motion in the affirmative. Motion carried.

VIII. Consideration for Approval of 31400 Special State Capital Outlay Budget Increase for FY14

Ms. Coleman presented a budget increase for special state appropriations from the Department of Transportation—for parking improvements at Roosevelt Middle School. The total project is just under $100K—the State will fund $71,000 and APS’ share will be $23,700.

Dr. Peercy motioned for approval of 31400 Special State Capital Outlay Budget Increase for FY14 with Mr. Garcia seconding the motion in the affirmative. Motion carried.

IX. Consideration for Approval of Budget Adjustments for 21st Century Public Academy

Transfer within Title II from professional development to teacher stipends

$591 for fresh fruits and vegetables for the food program.

Mr. Garcia motioned for approval of Budget Adjustments for 21st Century Public Academy with Dr. Maestas seconding the motion in the affirmative. Motion carried.

X. Consideration for Approval of Statement of 21ST Century Public Academy Cash Disbursements for October and November 2013

Ms. Coleman presented the October and November 2013 cash disbursements for 21st Century Public Academy.

Dr. Maestas motioned for approval of Budget Adjustments for 21st Century Public Academy with Mr. Garcia seconding the motion in the affirmative. Motion carried.

XI. Presentation of 21st Century Public Academy Financial Reports as of November 30, 2013

Ms. Coleman presented the updated expenditure report.

The total operation fund is (Fund 11000 General) amount is ($57,276)

We are waiting for the new unit value calculation—they did not make all their growth—will see some decrease.

Mr. Garcia asked if we are confident of the school’s other operations are improving and moving forward. Mr. Moya deferred to Mr. Mark Tolley and Principal Mary Tarango as to the stability. Mr. Tolley discussed the school’s academic performance—they hold high standards in maintaining a strong program. Mr. Moya added that the governing council is very engaged with the principal and APS.

XII. Consideration for Approval of Operational Inter-Function Transfers for November

Mr. Hendrickson presented routine inter-function transfers for the month of November

Mr. Garcia motioned for approval of Operational Inter-Function Transfers for November with Dr. Peercy seconding the motion in the affirmative. Motion carried.

XIII. Consideration for Approval of Operational Intra-Function Transfers for November

Dr. Maestas motioned for approval of Operational Intra-Function Transfers for November with Dr. Peercy seconding the motion in the affirmative. Motion carried.

XIV. Presentation of Q1 Investment Update for FY14

Mr. Moya presented per Board Policy DF.

We are required to report earnings on investments quarterly.

Essentially, we have about $300M cash on hand at any given point in time. Because of our limited opportunities per State statute, it sits in a savings account and earns a very marginal amount of money (.22%).

The first quarter earnings were $152,958.

Mr. Garcia asked why this amount of money is put into this type of account. Mr. Moya responded by saying that the following were available: Treasuries or Securities—we need to be liquid at this point in time. Also, by investing in Treasuries, Securities and Agencies—the amount of work it takes to invest in Treasuries and yield or the return on the investment would not be much higher than the .22%.

Mr. Moya also discussed that they did go to the legislature and asked them to consider changing the statute that would allow us to avail ourselves to more investment mechanisms like agencies, but are still government backed securities, would provide a higher yield, would still have the liquidity—it was vetoed by the Governor.

Mr. Garcia discussed that banks invest within a 24-hour period and their rate of return is considerable. Mr. Moya said that these are called overnight sweeps—we can’t avail ourselves to those mechanisms as a public entity—counties and some cities can.

Per the advice of our General Counsel and Financial Advisor RBC, we though to err on the side of caution and want the law defined before investing our monies.

XV. Future Agenda Items/Requests

XVI. Adjournment

Mr. Quezada entertained a motion to adjourn the Finance Committee meeting at 8:26 a.m. Dr. Peercy motioned to adjourn the meeting with Mr. Garcia seconding the motion in the affirmative. Motion carried. The next Finance Committee meeting will be held on Tuesday, January 21, 2014.